Every landlord in Miami eventually comes to the point in their life where they are ready to give up property management. Sometimes it’s because they have gotten to old. Sometimes it is because their life circumstances have changed. Sometime they are just sick of it and want to try something new with their live. Whatever the reason, there are all sorts of ways that a landlord can relinquish their control and still keep their dignity.
Decide What to Do
If you have decided to quit being a property manager, the first step is to decide what you are going to do with the property in question. Are you going to sell it to the tenants? Are you going to sell it to another Miami landlord? Are you going to evict everyone and have the entire complex turned into a parking lot? What ever the reason, you have to decide and you have to be firm about your decision.
The next thing you need to do is inform all your tenants. As a property manager, this might not seem like an important part, but you really need to recognize their interests if you want to avoid any sort of lawsuit. Let all of your current tenants know, well in advance, of your interests and there should be no problem.
Seek Legal Counsel
If you are looking to pass on your property to another family member or someone you really do trust; there should be no problem. However, you have a responsibility to seek legal counsel to make sure that there is nothing wrong with the transfer that you are considering. Just check with a lawyer before you continue any further in your quest to leave the role of landlord.
On of the biggest things to consider is the effect that your decision will have on your current Miami tenants. But what you have to remember is that they are essentially customers, and while you want to keep them happy you need to remember your own interests.
A lot of people decide to leave the world of property management, and sometimes there is no other option. What ever you do, make sure that you leave with class and dignity. There is nothing worse than leaving a bad taste in peoples’ mouths. Who knows? You might want to return to the world of property management and you don’t want to be forever on the black list.